Key Takeaways with Craig

US Equity indexes rose again today after a softer-than-expected PPI number was released this morning.  The Nasdaq led the way, up by nearly 1.75% and all four major indexes were higher.  US Treasury yields continued to decline, with the Micro 2-Year Yield down by another 12 basis points.  After trading above 5% just last week, the Micro 2-Year Yield is now down to about 4.55.  CVOL levels have dropped after the recent inflation report releases and are now trading at near 3-month lows. 

CME’s cryptocurrency futures prices were active today with Ether prices up by nearly 7% and Bitcoin up by about 4.5%.  Incidentally, CME recently announced that it would begin listing a new Ether/Bitcoin spread futures contract that will allow traders to gain exposure to the price of one crypto relative to the other on July 31st.  The futures contract will be quoted in Ether divided by Bitcoin terms and will have a 1,000,000 multiplier.   Therefore, at current price levels, the contracts would have a theoretical notional value of $62,535 ((2,003/32,030)*1,000,000).  We’ve graphed the notional value of the spread at each daily settlement using CME settlement data from the beginning of the year below.  Remember, because the Ether price is the numerator in the equation, a downward sloping price graph suggests an increase of the price of Bitcoin relative to the price of Ether.  

Today's Future Price Action

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